"19 January 2019" Archive

GST on Restaurant Services

The GST regime of indirect taxation has subsumed most of the indirect taxes levied on the sale and purchase of goods and services in India. The price of numerous commodities and services have been affected due to the multiple indirect taxes imposed. When it comes to the restaurant business, the rate of GST on restaurants has […]...

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Punjab State Development Act, 2018- 6 Things to Know

The date of enactment of The Punjab State Development Act is 16th April, 2018. It extends to the whole of the State of Punjab, and offices of the Government of Punjab and offices of any body, whether incorporated or not, which is owned or controlled by the State of Punjab situated in the capital of […]...

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GST on Advance Received for future supplies

GST on advances received for future supplies Time of supply:    Time of supply is earliest of following:    a) At the time of receipt or payment;or    b) At the time of issue of invoice Accordingly, GST needs to be paid with reference to the time at which advance is received. Example: An advance […]...

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Removal of Pre-Import Condition – Prospective or Retrospective ??

1. Pre-import condition (i.e. import first and then export) was inserted in Notification No. 18/2015 – Customs (as condition no. (xii)) as well as Notification No. 20/2015 – Customs (as condition no. (xiii)) vide Notification No. 79/2017 – Customs dated 13-10-2017. Said condition was required to be met if IGST exemption was claimed...

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Refund of accumulated ITC of compensation cess

The entities whose procurements attract compensation cess but there is no compensation cess levy on final goods manufactured could have accumulated ITC of compensation cess. There has been an ambiguity about eligibility of refund of accumulated ITC of compensation cess in GST law....

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Change in Time Limit for Claiming refund of Accumulated ITC w.e.f. 1 Feb 2019: An Analysis

Section 54(3) of CGST Act 2017 provides refund of unutilised input tax credit. As per section 54(3), refund of unutilised input tax credit shall be allowed in the following two cases only: – (i) zero rated supplies made without payment of tax;+ (ii) where the credit has accumulated on account of rate of tax on […]...

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GSTR 4 (Composition scheme Return) FAQs

Form GSTR-4 is to be filed by a taxpayers who are registered under the composition scheme. The composition taxpayer needs to provide the details of the outward supplies and inward supplies (other than attracting reverse charge and attracting reverse charge) and those received from the unregistered dealers including the details of service...

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